Stock Market Today: Futures Strengthen on GDP Rebound as Twitter Shares Soar

NEW YORK (TheStreet) -- U.S. stock futures were pointing to a rebound on Wall Street Wednesday as investors cheered stronger-than-expected second-quarter GDP results and as tech stocks got a boost from Twitter's (TWTR) solid earnings report.

Futures for the Dow Jones Industrial Average (DIA) were gaining 67 points, or 68.89 points above fair value, to 16,912. S&P 500 futures were adding on 9 points, or 8.25 points above fair value, to 1,972. Futures for the Nasdaq (QQQ) were up 24.5 points, or 25.52 points above fair value, to 3,976.8. U.S. stocks on Tuesday were dragged down by concerns over sanctions against Russia for its role in the Ukrainian conflict, and on uncertainty over the Fed meeting which concludes today.

"Dips continue to be buying, not selling opportunities," Craig Johnson, technical market strategist at Piper Jaffray, wrote in a note. He expects that the rotation toward large-cap stocks will likely continue for a while longer, while noting that the S&P 500 has on average continued to rise after such periods of large-cap outperformance. "At this juncture, the broader market remains in a well-defined uptrend," he added. "With the economy gradually healing, we suspect the market should continue to grind higher over the near-to-intermediate-term and we reiterate our call for 2,000 on the SPX and our year-end 2014 price objective of 2,100."

Twitter shares were surging 25.29% to $48.35 after the company showed that it was able to accelerate user growth in the second quarter and earned on a non-GAAP basis 2 cents a share on $312 million in revenue. Analysts polled by Thomson Reuters had expected Twitter to lose a penny a share on $283.07 million in revenue.

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